Ringgit Rises Against SGD After Anwar Ibrahim Appointed As Malaysia’s Next Prime Minister
Earlier today (24 Nov), Pakatan Harapan (PH) chairman Anwar Ibrahim was appointed the 10th Prime Minister of Malaysia.
In anticipation of the news, the Malaysian Ringgit (MYR) appreciated against the Singapore Dollar (SGD), hitting 3.28 at one point. Following news of the decision, the MYR strengthened even further to 3.26 against the SGD.
On the same day, stocks of Malaysian companies such as Genting Malaysia and Carlsberg Brewing Malaysia also saw their biggest jumps in more than two years.
Ringgit appreciates against SGD after Anwar becomes PM
According to currency conversion site XE.com, the MYR/SGD exchange rate stood at 3.26 at the time of writing on Thursday (24 Nov).
Source: XE
Earlier this month, the MYR weakened to as low as 3.39 against the SGD.
According to The Straits Times (ST), the MYR appreciated by 1.06% and 1.7% against the SGD and US Dollar respectively after news of Anwar’s appointment.
Malaysian stocks rally on the same day
Some Malaysian stocks reportedly saw the biggest rally in over two years.
These companies include Genting Malaysia, Sports Toto, Magnum, and Carlsberg Brewery Malaysia
This came after a key political bloc announced their support of Anwar as PM as opposed to Muhyiddin, ST stated.
The benchmark KLCI Index also rose by 3.4%.
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Featured image adapted from Casino Connection on Flickr and Anwar Ibrahim on Facebook.
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